Stablecoin Market Value Approaches Historical High Amid Bearish Sentiment

Despite prevailing bearish sentiment in the crypto market, the total market value of stablecoins has been rising over the past two weeks, nearing previous historical highs. According to BlockBeats, data from DefiLlama indicates that the total market value of stablecoins is currently reported at $307.603 billion, marking a 1.85% increase over the past week. Notably, USDC and USDS, issued by the Sky protocol, have shown significant growth over the past week, with increases of 1.18% and 3.23%, respectively. Meanwhile, the market share of USDT has fallen below 60%, currently standing at 59.74%.